REITs The Weekly DBrief The 2Q26 Earnings

North America Industry Date REITs 27 July 2026 REITs The Weekly DBrief: The 2Q26 Earnings Preview Edition Omotayo Okusanya Research Analyst Weekly Performance Macro Performance: This week (Thursday to Thursday), the MSCI US REIT Index Peter Abramowitz (RMZ) was down -0.6% but outperformed the S&P 500 (-1.7%), despite the 10- Research Analyst year Treasury yield increasing +14 bps w/w. The broader market sold off after Alphabet’s Q2 report reignited fears of AI overspending; the company beat on Rafi Lewis revenue but lifted its 2026 capital expenditure guidance to $195-205B from Research Associate $180-190B, dragging its shares and the mega-cap tech complex lower. Renewed U.S.-Iran escalation and higher oil prices added to the risk-off tone by Steven Pizzella, CFA Research Analyst reintroducing inflation/rate concerns, but with the selling concentrated in AI- linked growth names, REITs held up comparatively well, especially given strong earnings results from the Industrial REITs and Data Centers and SLG last week Benjamin Soff which was the official beginning of the 2Q26 earnings season for REITs. Research Analyst Sector Performance: The top three performing REIT sectors were Data Centers (+2.8%), Healthcare (+2.1%), and Specialty (+1.8%). Underperforming REIT sectors Chris Woronka Research Analyst were Cannabis (-4.3%), Industrial (-3.6%) and Infrastructure (-3.6%).

Top Performers: Data Centers led, as the same surge in hyperscaler capital spending that rattled the broader market is a direct demand tailwind for the data center landlords. This was confirmed by strong 2Q26 results and 2026 FY guidance raise from DLR aftermarket on Thursday, 07/23 with the stock surging 11% on Friday, 07/24 . Healthcare followed on strength in SBRA (+9.3%), which jumped after agreeing to re-tenant its Avamere portfolio to Cascadia Healthcare at higher rents and raising its full-year 2026 guidance. Specialty rounded out the leaders, driven by IRM (+2.4%), whose growing data center exposure ties it to the same theme as the Data Center REITs.

Bottom Performers: Cannabis was the weakest sector, led lower by IIPR (-5.3%), which fell after its tenant Parallel defaulted on July rent at two Florida properties representing about 5% of annualized revenue. Infrastructure also underperformed, as CCI (-5.3%) sold off despite a 2Q26 AFFO/sh beat and modestly higher site-rental/AFFO outlook, with investors focused instead on an unchanged AFFO/sh FY 20006 guide, lower services activity, and ongoing customer/strategy uncertainty. Industrials underperformed for the week after the prior week’s strong rally, giving back a decent part of the +6.1% advance that was driven by PLD’s 2Q beat and raised FY26 guidance; Industrial earnings from FR and EGP were solid last week, but investors ended up selling the news given high expectations coming into their earnings releases. Thematically, we worry about this throughout this earnings season. REITs have had a strong run YTD (+18.8% vs. the S&P 500 up 8.2%) and are trading at a premium (19.6x P/FFO vs. a 5-year

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average of 18.4x) so there is a certain weight of great expectations on the group during the 2Q26 earnings cycle.

Weekly DBrief Topics: In this week’s edition, we preview the upcoming 2Q26 earnings reports across the REIT sectors, focusing on the key fundamental debates, guidance setup, and stock-specific catalysts investors should be watching. Our earnings preview spans Healthcare, Triple Nets, Storage, Office, Shopping Centers, Malls, Manufactured Housing, SFR, and Multifamily, with an emphasis on where results and management commentary could drive the next leg of sector performance. We are also highlighting our upcoming 2026 Data Center Summit on August 4. Please look within the report for…